Turns out that plugging a bunch of computers into our electrical grid that do nothing but draw current and hash through algorithms has had some negative environmental impacts. Recent studies suggest that Bitcoin-related power consumption has reached record highs this year — with more than seven gigawatts of power being pulled in the pursuit of the suspect digital currency.
A study from the Cambridge Center for Alternative Finance released on Monday estimates that the global bitcoin mining industry uses 7.46 GW, equivalent to around 63.32 terawatt-hours of energy consumption. The study also notes that miners are paying around $0.03 to $0.05 per kWh this year. Given that a March estimate put the cost to mine a full bitcoin is around $7,500, the average miner still stands to make over $4,000 in profit from the operation.